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Cardano Loses Top Spot in Network Development to Emerging Rival
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Cardano Loses Top Spot in Network Development to Emerging Rival

Jul, 03 2024 18:40
Cardano Loses Top Spot in Network Development to Emerging Rival

Cardano (ADA) has lost its top position in network development activities. The blockchain network now ranks fifth among cryptocurrencies with the highest development frequency. And that is surprising.

This shift comes despite recent updates touted by Cardano founder Charles Hoskinson.

Santiment, a market intelligence platform, revealed the new rankings in a recent social media post. You might be wondering about the new king?

Well, Hedera (HDAR) now leads the list. Chainlink (LINK) follows in second place. Optimism (OP) and Internet Computer (ICP) occupy the third and fourth positions respectively.

The rankings were determined by counting primary non-redundant activities in each project. Santiment averaged this daily activity over the past 30 days to produce the results. The platform shared a chart depicting prices and market capitalization of the top 10 cryptocurrencies.

Anyway, the Cardano network continues to pursue significant development projects.

ADA is currently undergoing core tech optimizations to enhance efficiency and performance. The Mithril protocol team has released a "threat modeling explainer". They have also enhanced transaction certification and fixed verification bugs to improve scaling efficiency.

Efforts to enhance network nodes and smart contract advancements are underway. Cardano has released a list of "Partners and Real World Integration" featuring over 12 global tier-one companies.

A key development is the upcoming Chang hard fork. This upgrade is expected to introduce new governance to the Cardano ecosystem. It aims to improve overall functionality and performance.

Despite losing the top development spot, Cardano maintains a significant presence in the blockchain space. The network's commitment to research-driven approaches and continuous advancement remains evident.

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